New Bank Identification Numbers (BIN) Lookup Service Released

BIN Database is a new online Bank Identification Number lookup service. That will help financial and legal institutions to verify transactions and other applications by just entering first 6 digits of person's credit card.

Carson, NV (PRWEB) October 12, 2008 -- New online service for BIN numbers lookup is released.

The BIN is the acronym for Bank Identification Number whereas IIN is the acronym for Issuer Identification Number. These numbers are used to identify the bank or the issuer of the card that uses BIN or IIN system. This numbering system helps the cards to be identified by the issuer or the bank when the payment is processed.

One of the biggest beneficiaries of bank identification numbers are the online merchants. The BIN/IIN database helps the merchant check the credit card information given to them to be sure it can be authorized. For example if the credit card BIN/IIN indicats that the bank is in one country whereas the user is in another country, then further scrutiny of the transaction may be required.

BIN numbers have varied use in different industries. Many insurance companies use BIN or IIN to identify whether the person claiming insurance genuinely requires the amount or not. If the person is hospitalized the insurance companies approve the claims right away, but if the card is lost or the premiums have not been paid then the insurance companies can refuse the claims.

The introduction of the BIN Database can enhance security of transactions and help various institutions in verifying people by their credit card.

Online demo and licensing options are available at http://www.binbase.com

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